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RBS set for £350m Libor fine

RBS Branch 480

Royal Bank of Scotland is set for a £350m fine for its role in the Libor rate-rigging scandal.

According to The Sunday Times, the bank is going to settle with US and European regulators early next month.

The fine will exceed the £290m penalty faced by Barclays in June but is lower than the £620m UBS is expected to face from regulators.

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Round and round we go.

    Isn’t RBS majority owned by the Government? That means that (as usual) the taxpayer pays. Well someone has to fund the Christmas party and bonuses at Canary Wharf. Or is Dave going to nick the lolly and pay 2/6d to charity from the proceeds. (12.5p for those too young).

    In the case of publicly owned organisations wouldn’t it have been a lot more effective to either fine individuals personally or just ensure that the culprits lose their jobs?

  2. Isn’t this criminal activity? So where are the criminal charges? Ditto HSBC laundering Mexican drug money and money for Iran.

    Why aren’t some senior bank individuals having permissions withdrawn as well as being prosecuted? Is it because FSA senior staff are hoping to follow Hector et al into banking?

    On the other hand, my locum, in his 50s and 30 plus years’ of giving excellent advice has been a very naughty person and not finished level 4, so he is automatically out on 31 December!

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